The income and expenditure account differs from receipts ...
The income and expenditure account differs from receipts and payments account because it
Accounts for notional charges
Records transactions that relate to the period on cash basis
Records transactions that relate to the period on accrual basis
Accounts for balance of cash at bank
Correct answer is B
Receipts and payments account is a summary of cash transactions for a period and it is a real account. Income and expenditure account is a summary of expenditure and income like trading and profit and loss account and it is a nominal account.
Revenue expenditure of a local government includes purchase of ...
The journal has the following headings except ...
Given: Assets and Liabilities of a Local Government Bank balance #6,484,000 Cash # 900,000 Gen...
The journal entries for the purchase of stock on credit are to debit? ...
A decrease in the provision for doubtful debts result in ...
Which of the following branches of accounting was first developed? ...
A business marked up its cost by 50%. This would mean a gross profit of ...